Recognition in accounting means to record an economic transaction on the
accounts in order to acknowledge its existence. It is an important concept
in accounting, because depending on the rules that regulate its practice,
recognition can produce wildly different incomes and/or losses for
businesses on their financial statements. Cash-basis accounting and
accrual-basis accounting differ mainly in t

An accounting information system is a reporting method companies will use
to record and report financial information. Most of these systems include
the use of computers and other technology. The electronic storage of
accounting information is critical to many companies. Government
RequirementsMost companies have specific federal or state requirements for
maintaining certain accounting records.

Financial and management accounting coexist well in many firms. Both types
of accounting can be integrated with the advent of the enterprise resource
planning software (ERP), which connects both systems seamlessly. While
management accounting, also known as cost accounting, concerns with
internal matters, financial accounting focuses on external users and is
guided by generally accepted accountin

Financial information is essential in the making of economic decisions.
Companies have a financial accounting department that is concerned with
providing information to stockholders, creditors, and other external users.
This information enables the users to make informed economic decisions
concerning the company. The information is also used by managers to carry
out the planning, controlling, orga

Accounting is the process of recording financial transactions to determine
a company’s profitability and cash flow. Two important yet
significantly different accounting courses are managerial and cost
accounting. DefinitionManagerial accounting consists of recording
financial transactions and reporting them in a company’s financial
statements. Cost accounting applies production cost

The rise of computer technology has resulted in a revolutionary impact on
how accounting is done. Bulky and manual general ledgers and journal books
are a thing of the past. Computerized accounting has made the entire
process much simpler and more error-free. An interesting side benefit is
the fact that accountants have also changed. Their reputation as
bean-counting introverts has diminished as p

Businesses must use a reliable data storage plan to maintain the ease of
access concerning accounting information within computer systems. Records
must be available for instant use for daily operations such as payroll,
inventory and sales. Accounting data storage consists of the use of master
filing storage, transaction filing for customer orders and record retrieval
for auditing purposes. Account

Environmental accounting is a process of identifying the cost and benefit
of natural environmental impact to economy. It provides data that
highlights the cost as a result of pollution and the contribution of
natural resources to economic well-being, as well as providing the best
possible means of quantitative measurement, in terms of money value.
Environmental accounting is also called "green acc

Financial accounting is done by following accounting principles. These
principles are based on several accounting assumptions. Accounting is a
precise activity and involves following certain procedures based on these
accounting assumptions and principles. Accounting AssumptionsBusinesses
using accounting base their financial work around several assumptions,
including accounting entity, going co